This article is written specifically for entrepreneurs in Sharonville, Ohio who are interested in getting a small business loan.
Other Lending Resources for Sharonville Businesses
This is a list of banks outside of Sharonville, Ohio that have provided SBA loans to Sharonville businesses. Some of these may be national banks with local branch locations.
Tips for Getting a Business Loan in Sharonville
Prior to contacting lenders for a loan, you will need to determine exactly what size loan you will be asking for.
You need to be able to clearly introduce your business to the banker, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show your ability to pay the money back to the lender.
A well-defined business plan is is critically important. If the financing is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize what collateral you have available to secure the loan. Collateral is relevant because banks always
want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.
If the business has few assets, you will likely be asked to pledge your personal assets, such as stocks and bonds that you might own or life insurance policies. The banks will check on your personal credit history in any case, so hopefully you have good credit history
-- you may want to get a copy of your credit history prior to meeting with the banker.
Many of the banks in our list participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to do your homework on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.
Gaebler.com Advice on Raising Money
If you are new to our Gaebler.com site, you should know that we are dedicated to helping small business owners, and we have a
lot of useful articles about to Raising
Money. For example, one article that might be of interest to you is 504 Loans.
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